The Senate on Thursday reduced from 30 per cent to 10 per cent, charge imposed on the total revenue generated from the operations of any company or authority operating hydro-electric dams in the country.
This position followed the passage of a Bill to amend the Hydro-Electric Power Producing Areas Development Commission (HYPPADEC) at the Upper Legislative Chamber.
Presenting the report of its Committee on Power, Steel Development and Metallurgy, the Chairman, Sen. Eyinnaya Abaribe, said the Bill was sponsored by Sen. David Mark.
“The Bill seeks to amend the Hydro-Electric Power Producing Areas Development Commission Act by reducing from 30 per cent to 10 per cent being charges imposed on the total revenue generated from the operations of any company or authority operating hydro-electric dams in any member state.”
He added that it also sought to validate and give legal backing to the 10 per cent HYPPADEC charge being deducted from companies operating since the commencement of the principal Act.
Contributing, Sen. Adamu Aliero (APC-Kebbi) said: “The communities have been suffering for quite a long time. The passage of this Bill will facilitate the implementation of HYPPADEC law.
“The ministry is unable to constitute the commission simply because the 30 per cent passed in 2010 is too high,” Aliero said.
In his remarks, Senate President Bukola Saraki said: “Now that we have passed the Bill, we hope that we will get the assent and the full implementation and takeoff of this commission that is highly required and needed.”